Mostly, I stick to personal finance here…but occasionally we get a glimpse of The Escape Artist’s secret environmental agenda. Today is one of those times.
In the future, electricity will be cheaper than today. And, as long as we don’t spend the money we save buying more crap, this will allow us to save more and buy our freedom earlier.
The Escape Artist is not an electrical engineer and does not claim to be an expert on electricity. But (just as with investing) you don’t need to understand everything about electricity in order to use it effectively.
Unfortunately, most people are doing it wrong…using too much electricity and paying over the odds for it. A recent government investigation into the UK energy market found that around two-thirds of big six customers are still on expensive standard tariffs.
When The Escape Artist becomes Master of All Galaxies, these people can either carry on paying over the odds OR they can complain about the high cost of living. But they won’t be allowed to do both.
Let’s start by taking a look at how technology advances mean things are getting better and better every year. Here’s Peter Diamandis on solar energy:
In 88 minutes, 470 exajoules of energy from the sun hits the Earth’s surface, as much energy as humanity consumes in a year.
If humanity could capture 1 part in 1,000 (one-tenth of one percent) of the solar energy striking the Earth – just one part in one thousand – we could have access to six times as much energy as we consume in all forms today.
These staggering numbers, in combination with an exponential decline in photovoltaic solar energy costs ($ per watt price of solar cells), put us on track to meet between 50 percent and 100 percent of the